Kisan Vikas Patra: The Government of India launched the Kisan Vikas Patra (KVP) scheme, a well-liked modest savings certificate effort, to encourage long-term savings among the general populace. KVP is more convenient for both urban and rural investors because it is now accessible through banks like Axis Bank, in addition to post offices as it has historically been.
Key Features and Benefits
Interest Rate
KVP guarantees that the investment will double over a predetermined length of time with a fixed interest rate. The interest rate is set to double the investment in around 115 months, or about 9 years and 7 months, according to the most recent update. For risk-averse investors seeking guaranteed profits, KVP is a compelling choice because of its fixed rate of return.
Investment Limits
When it comes to the amount of investments, the strategy is very flexible. ₹1000 is the minimum amount that must be invested; further funds must be made in multiples of ₹1000. Since there is no upper limit on investments made into KVP, a broad spectrum of investors—from modest savers to high-net-worth individuals—can participate.
Withdrawals and Premature Encashment
A 2.5-year lock-in period is included with KVP certificates after the date of issuance. Investors may prematurely encash their certificates after this lock-in period, subject to certain restrictions and penalties. This feature increases the investment’s liquidity by enabling access to money in an emergency.
How to Invest through Axis Bank
Go to the Branch: Visit the closest Axis Bank location that provides KVP services.
Complete the application: Fill out the KVP application form with all relevant information, and send in the needed supporting documentation, such as proof of address and identity.
Complete the Payment: Put the investment down. A KVP certificate attesting to your investment will be given to you.
Axis Bank offers the Kisan Vikas Patra scheme, which offers guaranteed returns on investments and is a safe and dependable solution. With no higher investment cap and various withdrawal choices beyond the lock-in period, KVP is still a great alternative for people looking for a safe savings solution that guarantees a double return on investment.